KATHMANDU, SEPTEMBER 16
The price of yellow metal increased while that of grey metal remained unchanged in the trading week between September 10 and 15.
In the domestic market, gold price decreased by Rs 100 per tola during the review week.
According to the rate list of the Federation of Nepal Gold and Silver Dealers' Association (FeNe- GoSiDA), gold was fixed at Rs 111,900 a tola when the market opened for trading on Sunday. Its price went up by Rs 100 per tola on Monday and remained unchanged on Tuesday. On Wednesday, gold price slumped by Rs 800 a tola and remained steady on Thursday. On Friday, the price of precious yellow metal rose by Rs 600 per tola to close the trading week at Rs 111,800 a tola.
Meanwhile, silver was traded at Rs 1,395 per tola on Sunday and its price went up by five rupees a tola on Monday. The price of the grey metal increased by five rupees per tola again on Tuesday before decreasing by Rs 15 a tola to Rs 1,390 per tola on Wednesday. Silver price decreased by five rupees a tola on Thursday before increasing by Rs 10 per tola on Friday to settle at Rs 1,395 a tola for the week - the same rate at the start of the week.
According to international news agencies, gold jumped one per cent on Friday, helped by a weaker dollar and safe-haven buying while hopes around a likely pause in US interest-rate hikes lent further support. Gold is often used as a safe store of value during times of political and financial uncertainty. Market participants now look forward to more clarity on interest rate outlook from the US Federal Reserve at their policy meeting next week, in which the central bank is widely expected to leave interest rates unchanged.
Meanwhile, China's physical gold premiums soared to a new high this week, amid strong demand to shore up a depreciating yuan and a lack of fresh import quotas.
A version of this article appears in the print on September 17, 2023, of The Himalayan Times.
